3 Signs It's the Wrong Time to Refinance Your Mortgage

Costco has a faithful legion of fans -- otherwise known as members. There are 123 million of them, to be precise. Throughout the years, Costco has added new membership benefits, some less well-known than others. Here are four that members may not realize exist.1. RV parkingWhether you spend part of each year visiting the highways and byways of North America or you're hoping to rent an RV for your next vacation, it's good to know that some Costco locations allow RVs to park overnight in their lots. Free overnight parking can certainly cut down the cost of travel.Consider the convenience. You arrive near closing time, pick up all the items you've already burned through or forgotten to bring, and spend the night in a well-lit lot. Granted, pulling an RV into a (typically) packed Costco lot may not be the easiest thing you've ever done, but once the lot clears out, you may even hear the sound of crickets.Notice we said that some Costcos permit overnight parking for RVs. When a store does not, it's often because local ordinances don't allow it. However, with so many Costcos scattered across the country, you should have options.The easiest way to determine which Costcos allow overnight RV parking is to check this Costco locations finder. Once you see one near where you plan to stay, call that store and ask to speak with the manager. Once you have them on the line, ask about their overnight policy. If the store does permit overnight parking, ask for permission to stay. According to the Camper Report, Costco has rules for campers, so you may want to ask where you can get a copy of those.2. Home, auto, renters, and specialty insuranceIn the back of our minds, most of us realize that Costco offers insurance, but we're not sure of the details. Partnering with CONNECT, powered by American Family, Costco members receive discounted rates on many of their insurance needs. Beyond the initial discount, CONNECT allows you to add more. For example, you may qualify for a safe driving, multi-policy, or student discount.And if you're an Executive member, CONNECT sweetens the pot even more by providing you with benefits like roadside and lockout assistance.At a time when many people are unhappy with the insurance industry, 9 out of 10 members who sign up for CONNECT coverage go on to renew their policy with the insurer.3. Home and business suppliesWhile it may occur to you to pick up envelopes and printer paper at Costco, have you ever taken advantage of the low prices on items like checks, ink stamps, and address labels? Many of the supplies you need to take care of business -- at home or in the office -- are available for up to 50% off.Executive members enjoy an even deeper discount.4. Floral deliveryOnce you factor in delivery costs, sending a lovely bouquet of flowers to someone can cost a small fortune. That's not the case at Costco. Costco's online floral department offers everything from anniversary and graduation bouquets to bulk flowers. And here's where the real savings come in: Delivery is free. The price you see listed on the site, plus tax, is the price you pay.Few things are more frustrating than typing your credit card number into a florist's site, only to learn that delivery costs nearly doubled your purchase price.As Costco layers on new perks, keeping track of them may become even more difficult. It's a good idea to check periodically to see if there are any you're not taking full advantage of.

Incomes vary widely across the United States, with some people making many times the amount that others earn. If you've ever wondered how your personal finances stack up, and what "class" your income officially puts you in, here's what you need to know.What income do you need to be upper, middle, or lower class?Based on 2021 data, here's what you would need to earn in order to be in each class:Lower class: This is defined as the bottom 20% of earners. Those in the lower class have an income at or below $28,007.Lower middle class: This is defined as individuals in the 20th to 40th percentile of household income. Earnings among this group are between $28,008 and $55,000Middle class: The middle class is officially those whose earnings put them in the 40th to 60th percentile of household income. The income range is $55,001 to $89,744.Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131.Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.Take a look at these numbers and see where you fall based on your own earnings. And remember, this is a snapshot in time -- your earnings can change throughout your life, and so can your class designation.Will your success be determined by your income and class?It's probably not a surprise that those in the upper classes or in the upper middle class do have a higher net worth than those in the lower class or the lower middle class. But the disparity is greater than you might think. While the median net worth of those with incomes of $149,132 or higher is $805,400, the median net worth of those in the lower class is just $12,000.Your income impacts how easy it is for you to build wealth. If you make more money, it is easier to save it and invest it in a brokerage account where it can work for you. If you make less money, then you may struggle even to cover the necessities out of your checking account, much less to buy valuable assets that help you grow richer over time.But that doesn't mean people who don't make a lot of money can't be a financial success. A lot depends on what you do with the money you actually have, including how much you spend and how much you save.There are plenty of people who make over $100,000 a year who live paycheck to paycheck, and plenty of people with incomes that put them squarely in the lower or lower middle class who have diligently saved and grown quite wealthy over many years.Here's how you can improve your standingDon't be discouraged if you aren't in the class you hope to be. For one thing, you have opportunities to increase your income by taking the following steps:Learning new job skills: You could obtain a certification, take part in a management training program at work, or take some classes to develop skills that may help you get promoted (such as computer training courses or public speaking classes), depending on your industry.Take on a side hustle: The average side hustle brings in $483 per month, which is a good amount of extra money that could make a meaningful difference in your income.Work some extra hours: If your company allows you to work overtime, take advantage of it, as many people are paid time and a half for overtime hours.Negotiate your salary: According to Pew Research, when workers negotiated for higher pay, 28% said they received the extra money they asked for and 38% indicated they were given more than originally offered but less than their ask. Whether you are getting a new job or staying at your current job but feel you're underpaid, it doesn't hurt to make a request for more money -- especially if you can find salary data to back up the fact that others in your industry are paid more.And even if your earnings never put you in the top 20% of earners, you can still have a rich life and end up with the financial security you deserve -- especially if you prioritize saving as much as you can for as long as you can.

Some people try to limit their Costco shopping to groceries and household essentials alone. But Costco's inventory goes well beyond food and basics like toilet paper. You can buy everything from electronics to kitchen gadgets to apparel at Costco, and often at a lower price than at other retailers. You may want to take a look at these specific items from Costco, since they happen to be discounted right now.1. $400 off the Lenovo Slim 7i 16" Intel Evo Platform Touchscreen LaptopA laptop upgrade is probably not something you'll do on a whim, since there's a hefty cost involved. But if you've been saving for a new laptop, you may want to check out this Lenovo model.Right now, Costco has it for $400 off online (though note that prices can vary between Costco's website and what you see at your local warehouse club store). It's powered by a 12th Gen Intel® Core i7-12700H (14-Core) Processor and is wifi- and Bluetooth-enabled. It also features an integrated webcam and a backlit keyboard.Plus, when you buy a laptop at Costco, you get a second year warranty included for free. You also get free tech support should you need help setting your laptop up or navigating issues with it.2. $200 off the Kirkland Signature Stainless Steel 6 Burner Gas GrillGrilling season may be coming to an end. But that actually makes now a good time to buy a new grill, because there's less pressure to make a near-term purchase. You can take your time comparing models and prices to see what works best for you.One option to consider is this Kirkland gas grill. It features 737 square inches of cooking surface, LED knobs, and a grill cover for added protection. Do note, however, that assembly of the grill isn't included in your final price.3. $9 off Speedo Men's Swim TrunksYou'll often hear that the best time to shop for seasonal items is right after their specific season wraps up. So it's not so surprising to see men's swim trunks on sale at Costco right now. If you're looking to stock up for the summer of 2024, it's a good time to pounce, since you're likely to rack up a smaller credit card tab.4. $40 off the Keurig K-Supreme Plus Special Edition Single Serve Coffee MakerA great way to save money is to make coffee at home rather than buy it daily from your local coffee shop. Costco has this Keurig model on sale for $40 off. It allows you to choose between five different brewing strengths and five cup sizes. It also comes with an 18-pod starter pack.5. $8 off the Brother P-Touch PT-2040C Label Maker with SuppliesIf you've been trying to get your home organized, a label maker might help you get the job done. Costco is offering this Brother P-Touch label maker at a discount this month. It allows you to save up to five options for instant reprinting and features easy-to-peel labels for indoor use. You can also personalize your labels with different fonts and emojis.Many people just spent a small fortune of money on back-to-school shopping. So if your personal finances are pretty tight right now, it may not be the best time to jump on these Costco bargains. But if any of these picks fulfill a specific need for you, and you can afford them, then you may want to consider adding them to your shopping cart.

As you can see, a longer payoff term comes with lower monthly payments that could be more affordable. But you significantly increase your interest costs over time if you take many years to repay a loan.And even with a pretty reasonable interest rate and a long payoff time, the monthly payments on a $50,000 car are still very expensive.Can you afford a $50,000 car?In general, you should try to keep your monthly car payments to 10% of your take-home income or less. If you wanted to stick to this rule of thumb and buy a $50,000 car, you would need a monthly take-home income of at least $7,240 if you got a car loan at a below-average rate and stretched out your payoff time for a long time.Many people will find that purchasing such an expensive car really isn't affordable. If that's the case, that's OK. You have a few options, including:Buying a less expensive used car. This is often your best bet, since cars depreciate quickly and you take a huge financial hit if you buy brand new.Saving up to buy a more expensive car so you don't have to borrow as much. If you want a nice new car, there's nothing wrong with prioritizing this in your budget and saving up enough money to make a larger down payment so you can purchase the car and keep your monthly payments reasonable.One technique that worked great for me was buying a cheap used car, paying it off quickly, and then continuing to make "monthly car payments" into a savings account (basically diverting the money I was using to make car payments into savings).After driving the reliable used car for a long time, I ended up with enough money to buy a really nice used car for cash, which I drove for well over a decade while continuing to make "car payments." That, in turn, gave me a big enough balance to finally buy the brand-new car with cash that I'm driving now.Committing to a huge car loan you might not be able to afford is not a smart financial move, so you may want to try my approach -- especially with the price of new cars climbing to a point where borrowing for them may be beyond reach.

If you want to be rich, it can be helpful to do things that millionaires and other wealthy people are doing. Fortunately, identifying the habits of financially successful people doesn't have to be hard. Here are four rich people habits you should copy. 1. Use debt as a toolWealthy people are not afraid of debt. They understand that it can be used as a tool to help them use their money as wisely as possible and increase their net worth.Many wealthy people borrow money to do things like start businesses or invest in real estate. They also borrow when they can do so at a low rate, rather than tying up their cash in something that doesn't provide a very good return on investment. For example, Warren Buffett got a mortgage when he bought his home even though he could have paid cash -- because he wanted to invest his money instead. He borrowed about $120,000 in 1971 (in the form of a mortgage loan) and invested the money instead of paying cash for the home. The invested funds ended up being worth around $750 million. Rather than being afraid of borrowing, be smart about when and how you use debt. For example, it makes sense to take out a mortgage to buy a home rather than paying cash because your home is an asset that should increase your net worth, and the mortgage interest rate will usually be lower than the return you could get with other assets like stocks. But it does not make sense to put a vacation on a credit card, as you'll just be incurring interest for something that doesn't increase your wealth in the long run. 2. Prioritize investing Research has shown wealthy people save at higher rates. This doesn't apply to people who were born rich either. Wealthy people with "new money" tend to have even higher savings rates and earn higher returns. When you prioritize investing, you can grow wealthier much more easily because your money is working for you. You don't have to earn every $1 that grows your net worth. Your money can earn returns, which can be reinvested and earn even more for you.If you invest $10,000 today and earn a 10% average annual return, that $10,000 will be worth $174,494 in three decades even if you never add another dollar to your account. That's a lot of money you didn't have to personally earn.The more you invest, the more you benefit from compound growth and the easier it is to get rich -- since less effort is required from you to make money. Open a brokerage account today if you want to build wealth. If you're not sure what to invest in, an S&P 500 index fund is a pretty smart bet. 3. Develop multiple income streamsMany rich people have multiple sources of income. Their money may come from a job, but also from investment income or other sources. If you are dependent solely on one job, unemployment could leave you without funds and the ability to build wealth. You're also limited in how much you can earn since you only have so much time to work.But if you develop multiple income streams, your finances are less precarious and you can also earn money in multiple ways. You can develop multiple income streams by:Taking on a side hustleTurning your hobbies (such as crafting or dog walking) into a source of incomeInvesting in assets that provide dividendsBuying investment real estateConsider where your interests are and how you can make money outside of work to help your wealth grow. 4. Set long-term goals Finally, many wealthy people look toward the future when deciding on spending decisions. While a vacation or impulse purchase today may seem fun, it's better to look at the big picture, consider what you want to accomplish, and prioritize it.When setting your own goals, employ the SMART principle. Your goals should be specific, measurable, achievable, relevant and time limited. For example, you could set a goal to save $500 a month toward retirement over the next year and track your progress throughout the year. By adopting these four habits, hopefully you too can become wealthy. I've tried them all, and they've made a noticeable difference in helping my net worth grow.